Forecasts bleak as India's growth continues to slow

An Indian couple shelter under a umbrella as they enjoy heavy rain showers in Mumbai on September 3, 2012. The monsoon rains, a key to India's economy, covered the entire country on July 11 but it was 23 percent below average, officials said amid worries of its impact on two cereal-producing states.

Okay, Okay, everybody else would be happy with 5 percent growth. But in India, where economists reckon we need 10 percent just to keep creating enough jobs for the rapidly growing workforce, that number looks awfully bleak.

India's economy grew just 5.5 percent in the quarter ended June 30, a serious climbdown from last year's 8 percent and only a modest bump up from the 5.3 percent recorded in the previous quarter, according to the Associated Press.

And those numbers include a lot of "jobless growth" from the turnover of real estate, especially in India's major cities, where property prices have skyrocketed.